Staco Insurance Plc Notifies on Audited Financial Statements for the Period Ended 31 December 2017

We wish to notify The Nigerian Stock Exchange
(The Exchange), our shareholders and our esteemed Stakeholders that the
National Insurance Commission (NAICOM), the primary regulator of Staco
Insurance Plc (the Company), having reviewed the Company’s audited financial
statements for the period ended 31 December 2017 (2017 Audited Financial
Statements) requested by way of a formal letter, that the Company resolves
certain issues raised.

The Company has been taking steps to resolve the
queries raised by NAICOM and is in the process of finalizing the 2017 Audited
Financial Statements with its External Auditor. On finalizing the 2017 Audited
Financial Statements, the Company shall proceed to re- file the same with
NAICOM for approval.

Upon receipt of NAICOM’s approval, the Company
shall immediately proceed to file the 2017 Audited Financial Statements with
The Exchange.